Cboe Futures Updates Record Rules for Block Trades and ERCPs
Published Date: 3/16/2026
Notice
Summary
Cboe Futures Exchange wants to update how it keeps records for special trades called Exchange of Contract for Related Position (ERCP) and Block Trades, especially for security futures they might list in the future. This change affects traders using these types of orders and aims to keep things clear and organized. No extra costs or immediate trading changes are expected, but the new rules will be ready if security futures start trading.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Exchange Drops Prescriptive Order Tickets
Cboe Futures Exchange will delete the specific order-ticket recordkeeping requirements in Rules 414(g), 415(e), and 415(s)(xiii) for Exchange of Contract for Related Position (ECRP) transactions and Block Trades, and instead apply the general order-recordkeeping rule in Rule 403(h). This change takes effect March 16, 2026 and means Trading Privilege Holders (TPHs) and their Authorized Traders will keep internal order records for those trades according to the general Rule 403(h) and "Applicable Law" (including CFTC Regulation 1.35) rather than the deleted, more prescriptive internal order-ticket fields.
No Change to Exchange Reporting or Surveillance
CFE stated that the proposed amendments do not change what information is reported to the Exchange for ECRP transactions or Block Trades; the Exchange will continue to receive the same information under Rules 414(k), 415(h), and 415(s)(xiii). The proposed rule change is operative March 16, 2026 and the Exchange says its ability to perform self-regulatory functions is not affected.
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